Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Katana Perps against SunX−0.025%7-day average −0.006% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on SunX Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.007%+$1 on $10k

Price spread, last 4 days (all we have)+0.048%+$5 · spread now −0.025%, 7d avg −0.006%

Together, before fees+0.056%+$6 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX BTC-USDT	85,397.4	0.0100	pay 0.0100% / 8h	42m 42s	$2.9M	$6.1M	100x
Short	Katana Perps BTC-USD	85,376	0.0100	get 0.0100% / 8h	42m 42s	$271K	$8.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against SunX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee SunXbpFee Katana PerpsbpOrdersPrice spread, now −0.025%Rate

Funding earned: −$0.04
Price spread: −0.025% → −0.006%: −$1.92
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$13.77
Costs to cover: 0.118%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 6 min ago; Katana Perps: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy SunX live order book, 6 min ago	1.26 bp	5.8 bp −$6	6.2 bp −$62	8.0 bp −$802	10.6 bp −$5,283
Sell Katana Perps no order-book sample	—	—	—	—	—

Katana Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

BTC on 56 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hotstuff BTC-PERP	−0.0080%	1h	85,414	+0.019%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,472	+0.087%	$2.3M	$10.8M	40x	as long as short
KuCoin XBTUSDTM	−0.0026%	8h	85,360.1	−0.044%	$931.1M	$775.2M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,380.7	−0.020%	$420.7M	$682.4M	150x	as long as short
Aster BTCUSDT	−0.0005%	8h	85,394.1	−0.004%	$512.1M	$1.08B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,410	+0.015%	$347K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,394	−0.004%	$483K	$18.3M	6.7x	as long as short
dYdX BTC-USD	+0.0004%	1h	85,390.6	−0.008%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,408.4	+0.013%	$36.5M	—	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,396.1	−0.001%	$185.6M	$952.5M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni BTCUSDT	+0.0066%	1h	85,421.4	+0.028%	$139.6M	$312.8M	100x	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,367	−0.036%	$338K	$24.6M	52x	as long as short
BingX BTC-USDC	+0.0068%	8h	85,382.6	−0.017%	—	$17.4M	—	as long as short
Nado BTC-PERP	+0.0079%	1h	85,387.5	−0.012%	$24.1M	$220.0M	50x	as long as short
Bybit BTCUSDT	+0.0084%	8h	85,391.1	−0.007%	$5.14B	$9.98B	150x	as long as short
Bitget BTCUSDT	+0.0092%	8h	85,402.1	+0.006%	$2.97B	$5.18B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,403.2	+0.007%	$169.0M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,402.8	+0.006%	$23.6M	$148.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,409	+0.014%	$8.4M	$57.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,392.3	−0.006%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,400	+0.003%	$5.05B	$5.72B	500x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,399.9	+0.003%	$9.41B	$25.01B	150x	as long as short
Katana Perps BTC-USDshort	+0.0100%	8h	85,376	−0.025%	$271K	$8.7M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	85,434.5	+0.043%	$5.8M	$9.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,451	+0.063%	$3.75B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,424.6	+0.032%	$40.1M	$605.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,399.9	+0.003%	$2.60B	$12.21B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,399	+0.002%	$3.9M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,409.9	+0.015%	$4.7M	$96.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,349	−0.057%	$691.7M	$275.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,368.2	−0.034%	$5.53B	$11.03B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,379.7	−0.021%	$37.3M	$185.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,426.4	+0.034%	$156.0M	$554.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,436.8	+0.046%	$283.3M	$959.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,426.5	+0.034%	$214.4M	$159.5M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,414.3	+0.020%	$30.1M	$209.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,467.4	+0.082%	—	$10.1M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,405	+0.009%	$11.0M	$14.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,409.4	+0.014%	$197K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,398.8	+0.002%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,427.2	+0.035%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,375.9	−0.025%	$30.0M	$45.9M	15x	as long as short
SunX BTC-USDTlong	+0.0100%	8h	85,397.4	long leg	$2.9M	$6.1M	100x
SoDEX BTC-USD	+0.0100%	1h	85,387	−0.012%	$59.8M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,395.7	−0.002%	$2.26B	$966.6M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,408.6	+0.013%	$158.9M	$514.1M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,348	−0.058%	$45.5M	$241.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,407.4	+0.012%	—	$106.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,421	+0.028%	$112.3M	$5.48B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0117%	1h	85,427.4	+0.035%	$840.7M	$1.66B	50x	as long as short
Reya BTCRUSDPERP	+0.0138%	1h	85,395.8	−0.002%	$6.6M	$146.4M	40x	as long as short
Kalshi KXBTCPERP	+0.0173%	8h	85,416	+0.022%	$12.1M	$736.5M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,425.2	+0.033%	$8.8M	$42.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0147%	1h	85,411.7	+0.017%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,453.6	+0.066%	$684K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0290%	1h	85,453.3	+0.065%	$79K	$252K	20x	as long as short